Some would say that the market slow down is a bad thing. As an eternal optimist, I feel as though this could be a good thing for a couple of reasons.
1. It allows buyers to shop the market with an increased inventory. That along with the continued low interests rates creates a nice climate for home buyers of any kind. So whether you are first-time home owner, down-sizing, up-sizing or relocating. The water is warm, so jump in!!
2. A continued “HOT” market could lead to a competitive disadvantage for Houston on a national level. Our relatively low property values offers incentives for folks that are retiring or companies that would like to relocate their headquarters to the Houston area.
This excerpt from the recent Better Homes & Gardens Real Estate blog helps define the situation a little further.
“Single-Family Home sales closed down by 10% for the month bringing year-to-date sales down by 1%. This is no surprise with Houston’s energy sector restructuring and real estate feeling, ever so slightly, the brunt of a contraction.
It’s almost welcome news! Why? Houston has always been in the top nationally for its’ housing affordability. If we remain on a continuum of record sales and dollar volume increases, Houston would lose an asset that makes the city enticing to population growth and corporate relocation. In October 2013, the median sales price for a single-family home in Houston was $177,330 and October 2015, it is $205,000. 16% increase! As we see supply increasing – we should return to a normal market with negligible value loss, if any, to homeowners yet a sense of reasonableness to homebuyers.”
Happy House Hunting in 2016!!